Real Options Management Of Technological Innovation Research

Innovation has changed a lot in essence in recent years, and now, discontinuous innovation has become one main direction of innovation. From the analysis on them, we find that technological innovation is an option. The main object of innovation is to gain the option value. The emerging of real options theory provides great help to innovation and the research on real technology option has becoming more and more important. This dissertation set up an framework on innovation research on real technology option connected game theory and agent theory and the whole framework consists of two parts, one is about option pricing, and the other is about option exercising. All the contents of my research on real technology option are discussed in seven chapters.Chapter 1 points out the background and meaning of the research, and it also introduces the research method and contents of the dissertation.Chapter 2 gives the definition of option and general applications of real options theory at first, and then it also introduces the basic research on real technology option. It makes us to know how to find a new problem to research among so many references.Chapter 3 analyses several systems and frameworks of technology option that could be considered during the research and choose one for the dissertation. It also points out what problems should be solved during the research.Chapter 4 values the exclusive technology option with the increasing potentials, and at the same time, it makes some comparative statistic analysis.Chapter 5 values the non-exclusive option through the analysis on the competition occurred at the commercial phase. It solved the critical value of the investment and the exercising date for non-symmetric firms facing the investment opportunity.Chapter 6 designs a compensation contract between the principal and the agent when technology option is not exercised by its policymaker. And based on the outcome of computation, I make some analysis on the contract and on the agent relations.Chapter 7 summarizes the whole text and views the prospect of the research.